Underwriting Guidelines are Tightening Up
Both Fannie Mae and Freddie Mac are tightening up their underwriting guidelines making it tougher to qualify for conventional mortgages (loan amounts $417,000 or less for single family dwellings).? ? ? Some of the most significant change is how borrowers are qualified when using a mortgage with an interest only feature.Fixed Rate Mortgages (ex. 30 year fixed [...]
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